The automated storage and retrieval system market in North America is expected to grow from US$ 617. 60 million in 2020 to US$ 1025. 38 million by 2028; it is estimated to grow at a CAGR of 6. 6% from 2021 to 2028.
New York, May 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Automated Storage and Retrieval System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End Users" - https://www.reportlinker.com/p06075727/?utm_source=GNW
Increasing demand for efficient in supply chain across industries is also bolstering the growth of the industry. In this era of automation, the automated and programmed machineries play a vital role in reducing the associated cost and time and provide additional features of control, monitoring, and security. A supply chain is one of the key sources of competitive advantage for companies that drive growth in their businesses. Supply chain systems have gained wider and vital importance in the last few years, because of high competition in the product-based market. A strong supply chain ensures a proper balance between the supply and demand of the product in the market. Thus, various industry verticals such as automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, and pharmaceuticals are ensuring a strong supply chain for reaching out to their customers. ASRS supports the operational flow of the supply chain at the initial stage. ASRS is applied in slow and medium moving order fulfillment and inventory management applications, ensuring increased efficiency. Thus, rising demands for efficient supply chain implementations are driving the implementations of ASRS among industries., which is further driving the demand for automated storage and retrieval system.
Favorable government policies are boosting innovation and reinforcing the infrastructure capabilities.North America has the highest acceptance and development rate of emerging technologies.
Any impact on industries is therefore projected to have a negative influence on the region’s economic development.At present, due to the COVID-19 outbreak, the US is the world’s worst affected country, affecting the sudden stands across all the industries present in the region.
It is becoming apparent with the COVID-19 pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries.However, it has been observed that businesses have increased their online marketing initiatives and adopted other online strategies to attract old and new customers during the pandemic.
For instance, according to studies, Amazon recorded an increase in sales by 37% owing to the COVID-19 pandemic. The close of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is affecting the investments by retail outlets. For instance, the sales of online grocery segment across the US recorded an increase by 210.1% due to the outbreak of COVID-19. Thus, the shift in online shopping has boosted the commerce industry across the region. The automotive industry has been highly impacted by the pandemic. With major automotive manufacturing factories being placed in counties such as the US and Mexico have slowed down the production process across the region. For instance, Mexico, which is more reliant on exports to the US, witnessed a 90% drop in auto shipments. Thus, the above-mentioned factors are expected to have a negative impact on the automated storage and retrieval system market across the region owing to the pandemic.
The VLM segment led the automated storage and retrieval system market based on type in 2020.Vertical Lift Modules (VLM) are the next generation automated systems mainly used in industrial applications for sorting, storage, and retrieval of items for an operator in a warehouse.
These systems play significant role in robotics, where these are used to guide the autonomous robots, also known as self-navigating robots.Various industries such as electronics, automotive, aerospace, F&B, pharmaceuticals, and electronics are concerned about reducing labor-intensive processes, increasing accuracy and speed for the task of storage, and retrieval of their products whenever required.
With the use of VLMs, the process of picking, retrieval, and packing of products into shipping containers may be combined into one process.The fast reaction time and delivery of the desired item with a push of a button or by scanning a barcode has resulted in increased demand for VLMs.
Further, the modular design of VLM also allows access to multiple floors in the building. Major industry sectors generating demand for VLMs are automotive, e-commerce, logistics, and pharmaceutical, among others. Moreover, air-conditioned or climate control functionality available in VLMs is one of the significant factors that is pushing the demand for VLMs., which ultimately drives the growth of the automated storage and retrieval system market.
The overall North America automated storage and retrieval system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America automated storage and retrieval system market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America automated storage and retrieval system market.SSI SCHAEFER GROUP, Swisslog Holding AG, System Logistics Spa, Bastian Solutions, Daifuku Co.
Ltd, Kardex Group, KNAPP AG, Mecalux, S.A., Vanderlande Industries, Autocrib, and Incare are among the leading companies in the North America automated storage and retrieval system market.
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